World Bank will host facility for climate disaster risk - Malpass
Reuters
Published Nov 08, 2022 06:35AM ET
Updated Nov 08, 2022 06:46AM ET
SHARM EL-SHEIKH, Egypt (Reuters) - The World Bank will host a new facility that will help countries that suffer heavy economic loss due to climate change-driven disasters, its president David Malpass said on Tuesday.
Malpass announced the new instrument, called the Global Shield Financing Facility, at a meeting with German Chancellor Olaf Scholz, who has spearheaded the effort among G7 members to create a programme to give vulnerable countries access to disaster risk finance and insurance.
Scholz announced at the UN Climate Change Conference in Egypt on Monday that it will offer 170 million euros for the Global Shield programme.
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Written By: Reuters
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